Shell divests part of Woodside stake

Posted - November 14 201708:24

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Shell divests part of Woodside stake

Owing to "strong demand from institutional investors", the Anglo-Dutch energy group said it had offloaded the entirety of its 13.28-percent stake, just hours after it announced that it had chose to sell 8.5 percent of Woodside.

Shell said that the stake represented 64% of its interest in Woodside and 8.5% of the total issued capital in the Australian oil company.

Whilst Shell has divested its ownership interest in Woodside, the Anglo-Dutch company will continue to maintain a relationship with Woodside as a joint venture partner in the North West Shelf venture and the Browse LNG venture. The Volatility 3m is a similar percentage determined by the daily log normal returns and standard deviation of the share price over 3 months.

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Shell said today that proceeds from its sale of Woodside shares will be used to reduce the group's net debt.

Analysts at investment bank Tudor, Pickering, Holt & Co said that Shell's $30 billion target "is easily within reach and we see the potential for this to be increased at the Management Day" on November 28.

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A sell down of Shell's 98 million shares in Canadian Natural Resources, worth around $2.8 billion "is only a matter of time", TPH said in a note.

Investors in Woodside Petroleum will have to contend with the confirmation last night that Shell is about to sell most of its holding, with the rest not to far behind.

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A BRIT doctor has told how he punched a "great white shark" that tried to rip his arm off during a surfing holiday in Australia. He sustained scratches and puncture wounds, and was driven to hospital by his two friends who were both doctors as well.

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